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financial accounting tools for business

Questions and Answers of Financial Accounting Tools For Business

The balance sheet for Tiffany Company reports the following information on July 1, 2007.TIFFANY COMPANY Balance Sheet (partial)Long-term liabilities Bonds payable Less: Discount on bonds
Presented here are long-term liability items for Carlton Inc. at December 31, 2007. Prepare the long-term liabilities section of the balance sheet for Carlton Inc.Bonds payable, due 2011 $900,000
Presented here are liability items for Warner Inc. at December 31, 2007. Prepare the liabilities section of Warner’s balance sheet./Accounts payable $135,000 Employee benefits payable $ 7,800 Bank
The 2004 Reebok financial statements contain the following selected data (in millions).Current assets $1,858 Interest expense $ 26 Total assets 2,441 Income taxes 68 Current liabilities 806 Net
The Canadian National Railway Company's (CN) total assets in a recent year were $18,924 million and its total liabilities were $12,297 million. That year, CN reported operating lease commitments for
Vijay Company issues $2 million, 10-year, 6% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount.(a) Prepare the journal entry to record the
Sydor Inc. issues $5 million, 5-year, 8% bonds at 103, with interest payable on January 1. The straight-line method is used to amortize bond premium.(a) Prepare the journal entry to record the sale
Presented below is the partial bond discount amortization schedule for Nuong Tu Corp., which uses the effective-interest method of amortization.Interest Bond Interest Interest to Expense to Discount
Rebecca Fleming and Carrie Platt borrowed $12,000 on a 7-month, 9% note from Gopher State Bank to open their business, RC’s Coffee House. The money was borrowed on June 1, 2007, and the note
On May 15, Kiwi’s Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%.At the time the note was due, the
On June 1, Avery Company Ltd. borrows $50,000 from First Bank on a 6-month,$50,000, 9% note. The note matures on December 1.Instructions(a) Prepare the entry on June 1.(b) Prepare the adjusting entry
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. 1. Mariella Company rings up sales and sales taxes separately on its cash
During the month of March, Pouncer Company's employees earned wages of$70,000. Withholdings related to these wages were $5,355 for Social Security (FICA),$7,500 for federal income tax, $3,100 for
Season tickets for the Lame Ducks are priced at $230 and include 20 games. Revenue is recognized after each game is played. When the season began, the amount credited to Unearned Season Ticket
Walter Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $22 per year. During November 2007, Walter sells 6,000 subscriptions for cash, beginning
On September 1, 2007, Chardin Corporation issued $300,000, 8%, 10-year bonds at face value. Interest is payable annually on September 1. Chardin’s year-end is December 31.Instructions Prepare
On January 1 Stanhope Company issued $100,000, 7%, 10-year bonds at face value. Interest is payable annually on January 1.Instructions Prepare journal entries to record the following events.(a) The
Boone Company issued $240,000 of 8%, 20-year bonds on January 1, 2007, at face value. Interest is payable annually on January 1.Instructions Prepare the journal entries to record the following
The situations presented here are independent of each other.Instructions For each situation prepare the appropriate journal entry for the redemption of the bonds.(a) Thunder Corporation retired
Cyclone, Inc. reports the following liabilities (in thousands) on its January 31, balance sheet. 2007, balance sheet and notes to the financial statements.(SO 7)Accounts payable $3,263.9 Notes
McDonald’s 2004 financial statements contain the following selected data (in solvency ratios; discuss millions).impact of unrecorded obligations on liquidity and bolvency, Current assets $ 2,857.8
3M Company reported the following financial data for 2004 and 2003 ($ in and after paying accounts millions).payable.(SO 7)3M COMPANY Balance Sheet (partial)2004 2003 Current assets Cash and cash
Unique Boutique reported the following financial data for 2007 and 2006. Calculate current ratio before and after paying accounts UNIQUE BOUTIQUE (SO7 b)le..Balance Sheet (partial)September 30 (in
Wal-Mart was sued nearly 5,000 times in a recent year—about once every two Discuss contingent liabilities.hours every day of the year. Wal-Mart has been sued for everything imaginable—ranging (SO
Columbo Company issued $300,000, 7%, 20-year bonds on January 1, 2007, at Prepare journal entries to 103. Interest is payable annually on January 1. Columbo uses straight-line amortization record
Pierce Company issued $220,000, 8%, 10-year bonds on December 31, 2006, for Prepare journal entries to$215,000. Interest is payable annually on December 31. Pierce uses the straight-line "ecord
Melina Company issued $180,000, 7%, 10-year bonds on January 1, 2007, for issuance of bonds, payment $193,248. This price resulted in an effective interest rate of 6% on the bonds. Interest is of
Moore Co. receives $110,000 when it issues a $110,000, 8%, mortgage note record mortgage note and payable to finance the construction of a building at December 31, 2007. The terms proinstallment
On January 1, 2007, the ledger of Daniels Company contained these liability entries, adjusting entries, and accounts.current liabilities section.iSO) 1,2, 3,7) Accounts Payable $42,500[6Ls] Sales
On the Edge Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2007, On the Edge had the following transactions
The following section is taken from Majestic’s balance sheet at December 31, 2006.Current liabilities Bond interest payable $ 24,000 Long-term liabilities Bonds payable, 8%, due January 1, 2013
On October 1, 2006, Ferdinand Corp. issued $500,000, 7%, 10-year bonds at face value. The bonds were dated October 1, 2006, and pay interest annually on October 1.Financial statements are prepared
Margaret Rose Company sold $4,000,000, 8%, 20-year bonds on January 1, 2007.The bonds were dated January 1, 2007, and pay interest on December 31. The bonds were sold at 98.Problems: Set A 517
You have been presented with the following selected information taken from the financial statements of Southwest Airlines Co.SOUTHWEST AIRLINES CO.Balance Sheet (partial)December 31(in millions)2004
The information on page 519 is taken from Simon Corp.'s balance sheet at December 31, 2007.Current liabilities Bond interest payable $ 192,000 Long-term liabilities Bonds payable, 8%, due January 1,
Peru Corporation sold $1,500,000, 6%, 10-year bonds on January 1, 2007. The bonds were dated January 1, 2007, and pay interest on January 1. Peru Corporation uses the straight-line method to amortize
McGraw Co. sold $4,000,000, 9%, 5-year bonds on January 1, 2007. The bonds were dated January 1, 2007, and pay interest on January 1. The company uses straightline amortization on bond premiums and
On January 1, 2007, Lucy Corporation issued $1,200,000 face value, 7%, 10-year bonds at $1,119,479. This price resulted in an effective-interest rate of 8% on the bonds. Lucy uses the
On January 1, 2007, HiLo Company issued $2,000,000 face value, 8%, 10-year record issuance of bonds, bonds at $2,294,403. This price resulted in a 6% effective-interest rate on the bonds. HiLo
Fowler purchased a new piece of equipment to be used in its new facility.schedule, journal entries, and The $550,000 piece of equipment was purchased with a $50,000 down payment and with balance
Cindy Davito has just approached a venture capitalist for financing for her record payments for long- new business venture, the development of a local ski hill. On July 1, 2007, Cindy was term note
On January 1, 2007, the ledger of Cramer Company contained the following lientries, adjusting entries, and ability accounts.current liabilities section.soll, 2,3. 7] Accounts Payable $52,000 SE Sales
Cougar Mountain Bikes markets mountain-bike tours to clients vacationing in various locations in the mountains of Colorado. In preparation for the upcoming summer biking season, Cougar entered into
The following section is taken from Barnaby Corp.'s balance sheet at December 31, 2006.Current liabilities Bond interest payable $ 128,000 Long-term liabilities Bonds payable, 8%, due January 1, 2011
On April 1, 2006, ERV Corp. issued $800,000, 7%, 5-year bonds at face value.The bonds were dated April 1, 2006, and pay interest annually on April 1. Financial statements are prepared annually on
Buzz Electric sold $3,000,000, 9%, 20-year bonds on January 1, 2007. The bonds were dated January 1 and pay interest on January 1. The bonds were sold at 103.Instructions(a) Prepare the journal entry
The following selected information was taken from the financial statements of Krispy Kreme Doughnuts, Inc.KRISPY KREME DOUGHNUTS, INC.Balance Sheet (partial)(in thousands)Fe1b, 2.00 4 Fe2b,2 .00 3
The following section is taken from Clampette Oil Company's balance sheet at — Prepare journal entries to December 31, 2007. record interest payments, straight-line premium amortization, and
Smudge Company sold $1,500,000, 10%, 10-year bonds on January 1, 2007.The bonds were dated January 1, 2007, and pay interest on January 1. Smudge Company uses the straight-line method to amortize
Zorin Corporation sold $3,500,000, 7%, 20-year bonds on December 31, 2006.The bonds were dated December 31, 2006, and pay interest on December 31. The company uses straight-line amortization for
On January 1, 2007, Stavlund Corporation issued $1,400,000 face value, 12%, 10-year bonds at $1,572,048. This price resulted in an effective-interest rate of 10% on the bonds. Stavlund uses the
On January 1, 2007, Gelber Company issued $2,200,000 face value, 10%, 15-year bonds at $1,900,322. This price resulted in an effective interest rate of 12% on the bonds. Gelber uses the
Angela Corporation purchased a new piece of equipment to be used in its new aes ne presentation. facility. The $750,000 piece of equipment was purchased with a $50,000 down payment Comprehensive
James Clark has just approached a venture capitalist for financing for his sailing school. The venture capitalist is willing to loan James $70,000 at a high-risk annual interest rate of 24%. The loan
Refer to the financial statements of Tootsie Roll Industries and the Notes to Consolidated Financial Statements in Appendix A.Instructions Answer the following questions.(a) What were Tootsie
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll Industries in Appendix A.Instructions(a) Based on the information contained
The July 2, 2004, edition of the Wall Street Journal contains an article by Ken Brown and Mark Heinzl titled “Nortel Board Finds Accounting Tricks Behind ’03 Profits.”Instructions Read the
Hechinger Co. and Home Depot are two home improvement retailers. Compared to Hechinger, founded in the early 1900s, Home Depot is a relative newcomer. But, in recent years, while Home Depot was
Many multinational companies find it beneficial to have their shares listed on stock exchanges in foreign countries. In order to do this, they must comply with the securities laws of those countries.
Purpose: Bond or debt securities pay a stated rate of interest. This rate of interest is dependent on the risk associated with the investment. Moody's Investment Service provides ratings for
Purpose: To illustrate the usefulness of financial calculators on the Web.Address: www.centura.com/tools (or go to www.wiley.com/college/kimmel)Steps: Go to the site shown above.Instructions Choose
On January 1, 2005, Troy Corporation issued $1,200,000 of 5-year, 8% bonds at 97. The bonds pay interest annually on January 1. By January 1, 2007, the market rate of interest for bonds of risk
Adam Merritt, president of Good to Go, is considering the issuance of bonds to finance an expansion of his business. He has asked you to do the following:(1) discuss the advantages of bonds over
The July 1998 issue of Inc. magazine includes an article by Jeffrey L. Seglin entitled “Would You Lie to Save Your Company?” It recounts the following true situation:“A Chief Executive Officer
Identify the different types of receivables.AppendixLO1
Explain how accounts receivable are recognized in the accounts.AppendixLO1
Describe the methods used to account for bad debts.AppendixLO1
Compute the interest on notes receivable.AppendixLO1
Describe the entries to record the disposition of notes receivable.AppendixLO1
Explain the statement presentation of receivables.AppendixLO1
Describe the principles of sound accounts receivable management.AppendixLO1
Identify ratios to analyze a company's receivables.AppendixLO1
Describe methods to accelerate the receipt of cash from receivables.AppendixLO1
Kersee Company on June 15 sells merchandise on account to Soo Eng Co. for $1,000, terms 2/10, n/30. On June 20 Eng Co. returns merchandise worth $300 to Kersee Company. On June 24 payment is received
Michael Co. accepts a $1,000, 3-month, 12%promissory note in settlement of an account with Tani Co. The entry to record this transaction is:(a) Notes Receivable Accounts |Receivable(b) Notes
Schleis Co. holds Murphy Inc.’s $10,000, 120-day, 9% note. The entry made by Schleis Co.when the note is collected, assuming no interest has previously been accrued, is:(a) Cash | 10,300 |Notes
Eddy Corporation had net credit sales during the year of $800,000 and cost of goods sold of $500,000. The balance in receivables at the beginning of the year was $100,000 and at the end of the year
Which of these statements about Visa credit card sales is incorrect?(a) The credit card issuer conducts the credit investigation of the customer.(b) The retailer is not involved in the collection
What is the difference between an account receivable and a note receivable?AppendixLO1
What are some common types of receivables other than accounts receivable or notes receivable?AppendixLO1
What are the essential features of the allowance method of accounting for bad debts?AppendixLO1
Lauren Anderson cannot understand why the cash realizable value does not decrease when an uncol- lectible account is written off under the allowance method. Clarify this point for Lauren.AppendixLO1
Essex Company has a credit balance of $3,200 in Al- lowance for Doubtful Accounts before adjustment. The estimated uncollectibles under the percentage of receivables basis is $5,800. Prepare the
How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method?AppendixLO1
Susan Lowe, the vice president of sales for Holiday Pools and Spas, wants the company's credit department to be less restrictive in granting credit. "How can we sell anything when you guys won't ap-
Your roommate is uncertain about the advantages of a promissory note. Compare the advantages of a note receivable with those of an account receivable.AppendixLO1
How may the maturity date of a promissory note be stated?AppendixLO1
Compute the missing amounts for each of the fol- lowing notes.Annual Total Principal Interest Rate Time Interest (a) 9% 60 days 270)$30,000 8% 3 years (d)$60,000 (b) 5 months $2,500 $50,000 11% (c)
Searcy Company dishonors a note at maturity. What are the options available to the lender?AppendixLO1
General Motors Company has accounts receivable and notes receivable. How should the receivables be reported on the balance sheet?AppendixLO1
What are the steps to good re- ceivables management?AppendixLO1
How might a company monitor the risk related to its accounts receivable?AppendixLO1
What is meant by a concentration of credit risk?AppendixLO1
The President of Hutley Inc. proudly an- nounces her company's improved liquidity since its current ratio has increased substantially from one year to the next. Does an increase in the current ra-
Since hiring a new sales director, Steps Inc. has enjoyed a 50% increase in sales. The CEO has also noticed, however, that the company's average col- lection period has increased from 17 days to 38
The Coca-Cola Company's receivables turnover ratio was 10.31 in 2004, and its average amount of net receivables during the period was $2,131 million. What is the amount of its net credit sales for
JCPenney Company accepts both its own credit cards and national credit cards. What are the advantages of accepting both types of cards?AppendixLO1
An article in the Wall Street Journal indicated that companies are selling their receivables at a record rate. Why do companies sell their receivables?AppendixLO1
Calico Corners decides to sell $630,000 of its accounts receivable to First Central Factors Inc. First Central Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the
Presented on page 400 are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.Identify

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